VisualPolitik EN published this video item, entitled “Could ICELAND 🇮🇸 become the HONG KONG 🇭🇰 of cryptocurrencies ₿? – VisualPolitik EN” – below is their description.
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Can you imagine a country of 364,000 people that could be the next Bitcoin capital of the world? Well, that could be happening with Iceland. This country suffered an extremely deep crisis in 2008, but since then it has returned to prosperity thanks to fishing, tourism and now cryptocurrencies.
Iceland is attractive for Bitcoin miners thanks to its very cheap, 100% renewable energy, and also due to its cold climate. These are all attractive factors for developing this industry that is starting to have an important presence in the Icelandic economy, but will Iceland be able to meet all the energy demands? And is Iceland ready to become a financial center for cryptocurrencies? Is Bitcoin the right bet or is it just a bubble about to burst? We tell you all about it in this video.
*Script written by Alejandro Zubieta
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In This Story: Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.
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In This Story: Iceland
Iceland is a Nordic island country in the North Atlantic Ocean, with a population of 356,991 and an area of 103,000 km2 (40,000 sq mi), making it the most sparsely populated country in Europe. The capital and largest city is Reykjavík. Iceland is volcanically and geologically active. The interior consists of a plateau characterised by sand and lava fields, mountains, and glaciers, and many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate, despite a high latitude just outside the Arctic Circle.
Iceland’ gained independence in 1918 and founded a republic in 1944. Although its parliament (Althing) was suspended from 1799 to 1845, the island republic has been credited with sustaining the world’s oldest and longest-running parliament.
Hit hard by the worldwide financial crisis, the nation’s entire banking system systemically failed in October 2008, leading to an economic crisis and the collapse of the country’s three largest banks. By 2014, the Icelandic economy had made a significant recovery, in large part due to a surge in tourism.
Iceland has the smallest population of any NATO member and is the only one with no standing army, with a lightly armed coast guard.
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